Australian aquaculture company Tassal acquired a strategically located property to support its growth initiative in the shrimp business, with a long-term plan to produce 20,000 metric tons a year.

The acquisition of the Exmoor Station site, announced Tuesday, was closed on July 1 for AUD 25 million (€16.9 million/$15.3 million) using bank financing, the company said.

Subject to gaining the required approvals, licenses and permits, the acquisition provides the land required for the long-term development of Tassal's shrimp business.

In addition, Tassal announced an AUD 108 million (€73.2